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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

March 09, 2023

After revisions, the Japanese economy expanded at a seasonally adjusted annualized rate of 0.1% (revised from 0.6%) in the final quarter of 2022. Japan's real GDP has fluctuated between growth and contraction in each of the last 9 quarters. Japan's real GDP was 0.8% larger in 2022Q4 than it was at the pre-pandemic period (2019Q4).

In Q4 2022, contributions to real GDP increase came from higher household consumption, government consumption and exports as well as falling imports.  All categories of investment (residential, non-residential, public) declined in Q4.

In the second estimates, Japan's nominal GDP increased by 4.7% (seasonally adjusted annualized rate) in Q4 2022.


After revisions for 2022 as a whole, Japan's real GDP grew by 1.0%, slowing from 2.1% in 2021.  Despite two years of growth, Japan's real GDP remained lower in 2022 than it was in 2018. 

Japan's nominal GDP growth slowed to 1.3% in 2022, down from 1.9% in 2021. Japan's nominal GDP in 2022 was slightly below its 2019 peak.

Cabinet Office of Japan: Quarterly Estimates of GDP

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